Xu Chaoqun, an official at the CAAC, stressed the new accord is thoroughly comprehensive and shows the world's second largest economy is now a global player in the civil aviation world.
During the next 20 years, domestic airlines are expected to purchase 7,240 aircraft valued at $1.1 trillion, a Boeing China Current Market Outlook report released in September highlighted.
By 2036, single-aisle jets will continue to serve as the workhorses of domestic and regional fleets in China, the world's fastest-growing aviation market.
"The country will have a demand for 5,420 new single-aisle airplanes, accounting for 75 percent of total new deliveries," the report stated.
China's fleet size growth is also expected to outpace the global average with almost 20 percent of new aircraft demand coming from airlines based in the country, according to Boeing.
In the next 20 years, Boeing is forecasting a need for more than 41,030 airplanes valued at about $6.1 trillion globally.
Naturally, Boeing has a strong presence in China.
The aviation giant signed a deal to deliver 300 single-aisle and twin-aisle aircraft during US President Donald Trump's state visit to China in November.
Worth more than $37 billion at list prices, the agreement between Boeing and China Aviation Suppliers Holding is made up of 260 B737s, and 40 B787s and B777s.
"China is a valued customer and key partner, and we are proud that Boeing airplanes will be a part of its fleet growth for years to come," said Kevin McAllister, president and CEO of Boeing Commercial Airplanes.
"Boeing and China have a strong history of working together based on great mutual respect, and these orders build on that foundation," he added.
Like its US rival, COMAC hopes to turn the C919 into an overseas money-spinner once it has navigated international safety regulations.
Li Xiaojin, professor of aviation economics at the Civil Aviation University of China in Tianjin, said the aircraft must first pass rigorous tests in China.
"In the short term, the C919 won't have much of an impact on major European and US aircraft manufacturers since it will take a very small market share," Li said.
"But in the long term, the jet has the potential to be exported to other countries," he added.
In the past few months, the C919 has taken off on multiple test flights.
The airliner completed its first long-haul run in early November from Shanghai to Xi'an in Shaanxi province. COMAC said it was another milestone entering its airworthiness certification phase.
"The C919 flew more than 1,300 kilometers, with a duration of 144 minutes, and the flying altitude was around 7,800 meters," the aircraft manufacturer stated.
As test flights continue, China Eastern Airlines has sent personnel to evaluate the cockpit and maintenance features of the aircraft.
The carrier will be the first airline to take delivery of the C919 and will participate in the aircraft's development.
Lin of Carnoc expects delivery dates between 2020 and 2022.
"The commercial use of the C919 will help the Chinese aviation industry to get involved in the world's supply chain system of large aircraft," he said. "China will be able to acquire valuable experience."
"Apart from meeting flight safety standards, the reliability, fuel efficiency, maintenance costs, as well as the comfort level of the aircraft, should all be considered before it is put into use in the market," Lin added.
